SE Investments to foray into Rajasthan, Uttarakhand

NEW DELHI: Micro finance sector lender SE Investments on Wednesday said it will be venturing into Uttarakhand and Rajasthan this fiscal and plans to add one lakh new customers.

The non-banking financial company is also aiming to almost double its loan book to Rs 1,000 crore by March 2011, from Rs 540 crore in the last year.

"We have been able to secure a customer base of 3.15 lakh customers since the start of micro finance operations in Uttar Pradesh in 2002. We have asked authorities for permission to start business in Uttarakhand and Rajasthan to tap the opportunities in these two states," SE Investments Ltd managing director Sunil Agarwal said.

He said permission had also been sought from the nodal agency, National Housing Bank, to expand into financing of low-cost housing of up to Rs 2.5 lakh.

"Our target is to add one lakh new customers this fiscal and start of operations in Rajasthan and Uttarakhand, will give a boost to this," Agarwal said.

SE Investments has a number of projects under individual and group schemes. It provides loans to low-income households with a loan size of up to Rs 50,000 with an average interest rate of 24-27 per cent.

Agarwal said the firm is aiming to take its loan book to Rs 1,000 crore this fiscal.

"We ended last fiscal with a loan book of Rs 540 crore and we intend to reach the Rs 1,000-crore mark by March 2011," he added.